This is a great read for anybody involved in the IoT industry. Enterprise IoT market growth has to battle with skills, attracting talent and hardware shortages, but maturing 5G and AI will help drive it forward.
The global enterprise IoT market grew by 22% to a total of $157.9 billion in 2021 despite some adverse conditions including labor and chip shortages, according to a study released today by Germany-based research firm IoT Analytics.
That figure is slightly lower than the 24% that the company projected in previous reports, but it’s still a substantial rate of growth, and one that IoT Analytics expects will be sustained for the next five years, for a projected total market size of $525 billion by 2027. The industry is primarily facing two head-winds:
- Shortage of skilled workers – Businesses in 2021 had trouble finding enough IoT-conversant hires to move digital transformation and IoT projects forward, with job postings related to IoT growing by 41% between July 2021 and Mach 2022
- The ongoing worldwide chip shortage – The company said that 2021 saw a shortfall of around 20 million cellular IoT chips, thanks to the supply shortage.
Check out the report for more details…